agricultural policy
Quick Summary
Agricultural policy is concerned with the relationship between agriculture, economics, and society. It aims to balance farmers' expenses with market prices, encourage price correction without causing instability, and ensure prices are fair to both consumers and producers. Historically, policies have focused on market mechanisms in capitalist countries and artificially created markets in centrally planned economies.12
The Agricultural Adjustment Act of 1933 in the U.S. is an example of agricultural policy designed to increase farmers' purchasing power by reducing surpluses and raising prices during the Great Depression. This policy has evolved and its principles continue to influence modern agricultural legislation, aiming for economic development and efficient farming operations.23
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